Yes, the correct terminology for what you're looking for is Underdrive pulley, and not Undersized pulleys.
Underdrive pulley are larger than the "normal" pulleys, it's like the "big" gears on a bicycle- big = less effort to turn = less rotation/rounds also. These oversized, underdrive pulleys are used to underdrive/reduce the load on the engine by non critical components like aircon compressors, alternator, power steering pumps, etc.. Supposedly leading to more power for more important things like accelerating.
Converesely, what Alvin is talking about; substituting a smaller sized pulley on his Supercharger is like shifting to the smaller gear on your bicycle; leading to more effort to drive the component, but more rotation, and hence in a supercharger, great boost pressure, and more go.